What is a reasonable offer for 1240 New London Road?

Asked by Sepabuyer, Landenberg, PA Thu Dec 2, 2010

1240 New London Road in Landenberg, PA, was listed in February 2010 at 499K. It is now December 2010 and it has dropped to 450K. What would be a reasonable offer for this property? Consider that a nearby property (104 N. Creek Road) w/ a simlilar sized home, but a lot double the size (10 v. 5 acres) is currently listed for 499K.

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Michael Mill…, Agent, Wilmington, DE
Tue Dec 7, 2010
I am a local agent licensed in DE & PA with several listings and buyers in Landenberg. Please contact me at your convenience so we can tour the home and determine if it's right for you. I completely agree with your research that it has been on the market for some time with limited price reductions, which could mean several things. The homeowner won't reduce price because they aren't listening to their agent's advice on market conditions, or can't lower their price due to liens on the property etc. Neither of which matter when making an offer. Please contact me to discuss in detail and see this home and others like it.
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Sepabuyer, Home Buyer, Landenberg, PA
Thu Dec 2, 2010
Thanks everyone for the responses.

Benny- Thanks. I am well aware of the legal restrictions on realtors to comment on such things like my question and school districts, etc. There are some non-realtors, buyers and sellers, that is, also on the site, who I was hoping might chime in.

So... any non-realtors want to chime in?
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Benny Smith, Agent, Pittsburgh, PA
Thu Dec 2, 2010
I understand you feel this is a fair question but the reality is that is in a question only your agent can answer. By Pa law it is not allowed to offer this type of information without presenting the required consumer notice.
An agent that will answer is unaware our worse not following the laws we are goverened by. I recommend you contact a Realtor with the ABR designation. This will get you someone in your area that can answer that question Benny Smith Full time realtor in Pittsburgh
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Anna M Brocco, Agent, Williston Park, NY
Thu Dec 2, 2010
What is your agent advising--in order to determine a fair offer, one needs to be aware of comps--recently sold similar properties in the immediate area, after reviewing the data a determination as to a fair bid can be made--ask your agent for comps and go from there.
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The Dickerman…, Agent, Exton, PA
Thu Dec 2, 2010
Sounds like you are already looking at the comparable homes in the area - great start to coming up with your offer! It's even more important to look at the homes that have actually sold in the (an appraiser looks at what has sold in the last 6 months).

If your not already contracted with an agent, Please contact me at 484 459 2147 or Lauren@cindydickerman.com so we can talk further about your options for an offer. For example, is it important for you to ask for a sellers assist to help you with closing costs?
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Elin Green, Agent, Avondale, PA
Thu Dec 2, 2010
There are many things that sellers consider when looking at an offer. What type of financing, settlement date, does the buyer have a house to sell, etc.. As a local realtor who specializes in the Landenberg area, I would first advise that you review all the recent sales. If you are not already working with a realtor, I would be happy to meet with you to discuss your options.
Elin Green
Beiler-Campbell Realtors
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Aaron Gray, Agent, Elkins Park, PA
Thu Dec 2, 2010
Are you working with an agent? If not I would be happy to assist you with this.

With regards,
AG at your service!
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